Welcome to a New Decade

Welcome to a New Decade

by | Jan 1, 2020 | Off Topic

Welcome to a New Decade

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Image by Gerd Altmann from Pixabay

Happy New Year! It’s 2020, not only a new year, but a new decade!!

And with this change of the calendar, hopefully it’s a new YOU.

I look at the round numbers of 2020, the symmetry in the year, and I think about how I can bring symmetry and balance into my life and my work in 2020. An ophthalmologist friend of mine also pointed out that “20-20” is perfect vision! I am working with my marketing consultant on clearly visioning the future for Transitions Legal, the foundational narrative, our story, and our strategy.

It’s a fresh start, everyone!

What does this year mean in the universe?

According to tarot cards and psychic mediums, 2020 is an angel number, assuring us that angels are ready to support us in life. This means we have everything we need to live life to the fullest. The number 2020 also appears when we need to create a sense of calm. Are you there? Does this speak to you?

In numerology, the number 2020 reminds us that our only limits are the ones we place on ourselves. So, word to the wise, don’t erect walls between yourself and others this year.

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“Fresh Start” by Sharon Mollerus, Flickr is licensed under CC BY 2.0

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“Numerology” by Hidden Numerology, Flickr is licensed under CC BY 2.0

The number 2 resonates with vibrations and attributes of service and duty, balance and harmony, adaptability, diplomacy, cooperation, and love. Number 2 rightly signifies partnerships and relationships, two sides of things, insights and intuition.

Do you know your divine life purpose? What is your soul mission? Now might be a good time to investigate.

The number 0 carries energies of the “God” force and the universe. When 0 comes up, it signifies the importance of developing your spiritual side, looking for oneness, wholeness, potential, beginnings.
2020 is set to be a year of spirituality, a time to cultivate a rich inner life. It’s also a time to care for your partner, defend your love. (Does this sound odd coming from a divorce attorney? Love and divorce are not mutually exclusive!)

Get organized, become focused in your work life, take opportunities seriously, and most importantly – be kind, it’s a good place to start this year.

What do you see on the horizon for 2020? Share your hopes and dreams with me here.

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Photo by Sharon McCutcheon on Unsplash

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New Alimony Tax Laws

New Alimony Tax Laws

by | Apr 8, 2019 | Legal Process

New Alimony Tax Laws

This year brought new tax laws, following President Trump’s Tax Cuts and Jobs Act of 2017. In my world, the biggest impact of these new tax laws is how it impacts divorcing couples where alimony is involved.

Read about it here.

It used to be that when a divorced spouse paid alimony, the payor could claim 100 percent of that payment as a deduction against earned income. It also meant that the recipient had to pay taxes on that money as income, but presumably at a lower tax rate than the payor.

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New Tax Law Deductions

That’s no longer the case! The new tax law removes the tax deductions and implications on both sides. So, the payor is paying taxes on those monies he or she actually earned. It used to be that tax laws in divorce shifted the tax to the lower-income earner. We are no longer able to shift the tax burden.

This lands the entire family in a situation where there is less money to go around.

New Territory

new alimony tax laws
During the last half of 2018, clients were eager to finish their divorces so they fell under prior tax laws. Now we’re in new territory, and our negotiations have to change. There was so much stress and tension surrounding the idea of the impending changes, trying to figure out how we needed to change the details of divorces going forward. The fact is, these are the facts, this is the situation we have, so we have to make the best of it.
Frankly, divorcing couples must change their expectations for the way their divorce is going to unfold. In my practice, I always tried to look at alimony in real dollars – what a client might receive after paying taxes, or how much of a deduction a client might have when paying alimony. It’s a total pot of how much money you have, and it remains so. Like I did in the past, I continue to give my clients a more realistic number, so they can see the full picture.

Negotiations remain the same as they always were. Now, we are trying to find ways to still derive a tax benefit, and thus far, we’ve found one workaround that works in some cases.

Ultimately, we must work with financial professionals who are skilled in tax law as it applies to divorce, to figure out a new solution, get creative, and find creative solutions to make things better for our clients.

alimony tax laws new
With any change, we must get used to the new way things are, and accept the change as a different way of doing things. It’s not like we have a choice, after all! Making peace with the details is one step toward healing the dissolution of a marriage and stepping wholeheartedly into the next phase of life.

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